Indianapolis Business Journal

MAY 20-26, 2022

Penske Entertainment, the owner of the IndyCar Series and the Indianapolis Motor Speedway, announced in July 2020 that it planned to launch programs to diversify the series’ teams, hire more people of color as contractors and employees at the track and expand the sports fan base. Nearly two years in, experts and advocates say Penske has made significant progress but there’s still much to be done. IBJ’s Mickey Shuey has the story. Also in this week’s issue: As Indiana Republican lawmakers prepare to override Gov. Eric Holcomb’s veto of a law that would bar transgender girls from participating in girls’ K-12 sports, activist groups on both sides of the issue are ramping up their lobbying efforts. And Daniel Bradley reports that construction is starting on the first piece of a massive mixed-use redevelopment in downtown Noblesville that will add more than 200 apartments units by 2025.

Read More

MAY 13-19, 2022

The owners of the Willows Event Center, tucked into a White River oxbow just north of Broad Ripple, want to redevelop the site with more than 250 apartments and town houses. Mickey Shuey reports on the tidal wave of opposition to the project from prominent and well-heeled local residents who fear the project is too big and could exacerbate traffic hazards along a tricky portion of Westfield Boulevard. Also in this week’s issue, Dave Lindquist outlines a new program encouraging Indianapolis employers to pay workers at least $18 per hour, based on the theory that higher wages will result in lower staff turnover and higher productivity. And we honor the city’s top physicians, researchers, volunteers and community health providers in IBJ’s annual Health Care Heroes awards program.

Read More

MAY 6-12, 2022

A long-planned, $92 million mixed-use redevelopment project—the first of its kind in this city of 64,000—is taking shape on a 19-acre site in downtown Greenwood, starting with a city-owned sports fieldhouse. Susan Orr outlines the strategy behind The Madison and reinvigorating Greenwood’s core. Also in this week’s issue, John Russell has all the details about Eli Lilly and Co.’s new weight loss drug, tirzepatide, which has performed spectacularly well in clinical trials and could boost Lilly’s top line by $5 billion per year. And Leslie Bonilla Muñiz examines how a 13-member state task force plans to address Indiana’s affordable housing shortage, in large part by rethinking regulations that builders and critics say drive up construction costs.

Read More

APRIL 29-MAY 5, 2022

Public comments by Eli Lilly and Co. CEO Dave Ricks examining the state’s shortcomings as a potential destination for new companies and investment have sparked conversation and debate across Indiana’s business community. Reporters John Russell, Susan Orr and Emily Ketterer asked business leaders to address the question of whether the state is doing enough to keep Indiana growing and what an effective strategy might look like. Also in this week’s issue, Dave Lindquist dives into one of the most ambitious and revealing exhibits in the history of the Indianapolis Motor Speedway Museum: “Roadsters 2 Records: The Twelve Years That Revolutionized the Indianapolis 500.” And our political team has a preview of the most consequential races on Primary Election Day.

Read More

APRIL 22-28, 2022

The global market for nuclear medicine is expected to quintuple in about a decade, and a large slice of that growth is expected to occur in the Indianapolis area. John Russell reports that Telix Pharmaceuticals, which has developed an imaging agent that makes cancer cells light up in scans, is having a breakout moment. Also in this week’s issue, Susan Orr unravels the story of a Fishers man facing a tangle of legal issues related to accusations he was involved in the nationwide sale of more than $230 million in questionable financial products. And Daniel Bradley reports that interest is accelerating in the slow-to-develop Zionsville’s Creekside Corporate Park now that construction of the new Rahal Letterman Lanigan Racing team headquarters is well under way.

Read More

APRIL 15-21, 2022

Indianapolis-based health insurer Anthem Inc. has been trying for several years to clamp down on what it considers unnecessary, expensive visits to emergency rooms, but its tactics have come back to bite it. John Russell reports that a federal arbitrator has ordered Anthem to pay $4.5 million to a group of 11 Indiana hospitals that complained Anthem’s policy was unlawful and breached their contracts. Also in this week’ issue, Mickey Shuey and Daniel Bradley examine the record prices paid for Indiana farmland, driven in part by demand from developers. And Dave Lindquist heralds what could be the busiest summer concert season in history—and raises the question of whether there are enough ticket buyers to make it profitable.

Read More

APRIL 8-14, 2022

Indianapolis long has been low on public green space and the funds to add more. Leslie Bonilla Muñiz reports that local officials and not-for-profits now are exploring the potential sale of carbon credits to finance green space acquisition and preservation. Also in this week’s issue, Emily Ketterer profiles the five Democrats who are running for a newly draw seat in the Indiana Senate that runs through the heart of downtown Indianapolis. And Daniel Bradley reports that Hamilton County is finally ready to begin its $29 million reconstruction of the heavily traveled intersection at 146th Street and Allisonville Road.

Read More

APRIL 1-7, 2022

Construction will be happening all over Broad Ripple over the coming year as major new development projects either start or finish construction and the city invests some $7 million into drainage improvements, bridge updates and a new trail along the river. In separate stories—one focused on infrastructure and the other on residential and commercial projects—reporters Dave Lindquist and Mickey Shuey offer the details. Plus, John Russell explains why Eli Lilly and Co.'s surging stock price means the Lilly Endowment—which has no affiliation to the company but whose assets are mostly in Lilly stock—will soon need to give away more cash.

Read More

MARCH 25-31, 2022

Get a good look at Indianapolis’ future with the latest edition of IBJ’s annual Forty Under 40 feature, spotlighting the young movers and shakers who are setting the tone for central Indiana and getting things done. Also in this week’s issue, John Russell reports that 14 of Indiana’s 54 rural hospitals are at immediate risk of closing due to continued financial losses and lack of financial reserves. And Mickey Shuey has details on the $80 million conversion of downtown’s 20-story AT&T building into luxury apartments.

Read More

MARCH 18-24, 2022

It’s been nearly two years since COVID-19 led Delta Air Lines to stop flying its Indianapolis-to-Paris route, and airport officials still can’t say when the flight will return. Mickey Shuey unpacks how they hope to reestablish trans-Atlantic flights. Also in this week’s issue, Susan Orr explains how Russia’s invasion of Ukraine is having a direct impact on Indiana technology companies. And Leslie Bonilla Muñiz reports that two long-abandoned brownfields in Indianapolis could be revived with a $90 million overhaul for manufacturing and food processing.

Read More

MARCH 11-17, 2022

Russia’s invasion of Ukraine has forced some of Indiana’s largest corporations to ponder difficult questions in recent weeks—how to protect their employees and their business interests in those countries while also condemning the Russian government’s actions. Susan Orr details how companies such as Cummins, Corteva, Elanco, Eli Lilly and Co. and Zimmer Biomet have tried to respond in ways that support Ukraine while limiting the harm to Russian employees and customers. Also in this week’s paper, Mickey Shuey examines how developers are approaching the recent gush of redevelopment opportunities for city-owned properties downtown. And Leslie Bonilla Muñiz reports how Indianapolis residents are taking street improvements into their own hands thanks to a new city policy that lets citizens install temporary, low-cost solutions to safety problems.

Read More

MARCH 4-10, 2022

Restaurateurs are happy to see customers flooding back into their businesses, but the relief is leavened by skyrocketing labor and food costs. Dave Lindquist digs into the priciest items and how local restaurants are handling the effects of inflation. Also in this week’s issue, Emily Ketterer examines the move in the Statehouse to reduce taxes on vaping products. And Susan Orr reports that local companies that offer online meeting and collaboration platforms still see a lot of opportunity ahead, despite signs that the pandemic is waning and in-person activities are safer.

Read More

FEB. 25-MARCH 3, 2022

Three Black-owned businesses are planning moves downtown as part of a larger effort to help the city’s sore recover from the pandemic. Dave Lindquist reports that they’re getting help from a not-for-profit that has emerged as a local leader in diversity initiatives. Also in this week’s issue, John Russell explains how the sprawling case against Bloomington-based Cook Medical has ballooned into one of the largest and longest civil actions in Indiana history. And Mickey Shuey outlines how Indianapolis is embracing esports on the professional and academic level with hopes of become a national player.

Read More

FEB. 18-24, 2022

Indianapolis has put more than $30 million into its Violent Crime Prevention Grants Program since 2009, but homicides have skyrocketed. Leslie Bonilla Muñiz reports that as the city plans to spend $45 million in federal pandemic money for programs aimed at quelling violent crime, some stakeholders want to see clear-cut results. Also in this week’s issue, Dave Lindquist explains why many Indy-area restaurant owners have unfinished business with the underfunded federal Restaurant Revitalization Fund. And Mickey Shuey explores the question of whether Indianapolis should try to nab hosting duties for another Super Bowl when warm-weather cities—and those with new NFL stadiums—are favored.

Read More

FEB. 11-17, 2022

Eli Lilly and Co. has high hopes for donanemab, its new experimental drug for Alzheimer’s disease and a potential blockbuster for the pharma giant. But John Russell reports that its prospects have dimmed recently with a draft policy from the Centers for Medicare and Medicaid Services that would restrict reimbursement payments for the drug. Also in this week’s paper, Emily Ketterer reports that Indiana lawmakers are working to set up the first regulatory framework for utilities to build charging stations for electric vehicles. And Dave Lindquist fleshes out the plan for Hi & Mighty craft distillery to open at the Indiana State fairgrounds as its first year-round retail tenant in two decades.

Read More

JAN. 28-FEB. 3, 2022

Remote work is here to stay, and Indiana might capitalize on it by paying remote workers to move here. Emily Ketterer reports that state lawmakers are considering paying new residents who do remote work up to $15,000 in grants over three years. Also in this week’s issue, Leslie Bonilla Muñiz examines the prospects for redeveloping downtown’s Jail II and Arrestee Processing Center facilities. And Susan Orr examines the latest trend in the war to hire new talent: acquiring your competitors.

Read More

JAN. 21-27, 2022

Hoosiers might have the chance to shop without paying sales tax for a couple of weeks this summer. Emily Ketterer dives into the proposal from a key Republican state senator. Also in this week’s issue, Susan Orr previews the upcoming jury trial for the former president and the former chief financial officer of the now-defunct trucking firm Celadon Group. Both men were charged in December 2019 on multiple counts of fraud. And John Russell has compiled an authoritative list of the largest philanthropic gifts in Indiana for 2021—the donors, the recipients and what the money is supposed to cover.

Read More